Blockchain Supply Chain Startup OriginTrail Raises $22.5M USD In ICO

European blockchain startup OriginTrail has raised $22.5 million in an initial coin offering (ICO) to build out a custom blockchain platform for global supply chain tracking.

Founded in 2013, OriginTrail is a purpose-built protocol for supply chains. The platform allows IT providers in supply chains to set up blockchain-supported data-sharing in multi-organizational environment. Original data is kept on a decentralized network, which enables the development of decentralized apps on top of it.

The platorm’s cryptocurrency, called Trace tokens, are utility tokens to be used while interacting with the OriginTrail Decentralized Network (ODN) and will function to store data to the protocol or read from it.

OriginTrail aims to improve the integrity of product data and to drive efficiencies for stakeholders. The first version of the OriginTrail solution is currently deployed in the food industry in China. The upcoming open source version will be suitable to any product supply chain such as automotive, consumer goods, pharmaceutical etc.

“OriginTrail is part of the Bits x Bites food tech accelerator program and recently deployed a pilot program with the Chinese online farmers market Yimishiji,” the company said. “The partnership brings a new degree of accountability into the Chinese food market, and will help its consumers – part of the world’s largest market, consisting of 1.4 billion consumers – verify the source, authenticity and journey of their purchases.”

“As China’s first food tech accelerator VC, we set out to support startups that share our mission—to advance technology solutions to shape the future of good food,” said Matilda Ho, Founder and Managing Director of Bits x Bites, Founder and CEO of Yimishiji. “We couldn’t be more pleased to be working with OriginTrail and seeing the team revolutionize tomorrow’s food supply chains.”